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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Morinaga Milk Industry Co's Beneish M-Score or its related term are showing as below:
TSE:2264'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.75 Med: -2.48 Max: -2.28
Current: -2.55
During the past 13 years, the highest Beneish M-Score of Morinaga Milk Industry Co was -2.28. The lowest was -2.75. And the median was -2.48.
Morinaga Milk Industry Co Beneish M-Score Related Terms
Morinaga Milk Industry Co Beneish M-Score Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Packaged Foods subindustry, Morinaga Milk Industry Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Morinaga Milk Industry Co Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Morinaga Milk Industry Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Morinaga Milk Industry Co's Beneish M-Score falls into.
Morinaga Milk Industry Co Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Morinaga Milk Industry Co for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.0418
+
0.528 * 0.96
+
0.404 * 1.0082
+
0.892 * 1.0183
+
0.115 * 1.0859
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1
+
4.679 * -0.023975
-
0.327 * 1.0208
=
-2.55
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(24666 / (24666 + 273993))
/
(23917 / (23917 + 290553))
=
0.082589
/
0.076055
=
1.0859
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(22599 - 0
-
35716)
/
547116
=
-0.023975
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Morinaga Milk Industry Co has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
Morinaga Milk Industry Co (TSE:2264) has a Beneish M-Score of -2.55 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Morinaga Milk Industry Co and its competitors. According to the industry distribution chart, Morinaga Milk Industry Co ranks #883 out of 1851 companies in the Consumer Packaged Goods industry, placing it in the top 47.7%.
Is Morinaga Milk Industry Co's Beneish M-Score too high?
Morinaga Milk Industry Co's current Beneish M-Score is -2.55. Based on the distribution chart, Morinaga Milk Industry Co ranks #883 out of 1851 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Morinaga Milk Industry Co has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Morinaga Milk Industry Co's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Morinaga Milk Industry Co ranks #883 out of 1851 companies for Beneish M-Score. This puts Morinaga Milk Industry Co in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Morinaga Milk Industry Co and its competitors. Morinaga Milk Industry Co's current Beneish M-Score is -2.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Morinaga Milk Industry Co stock overvalued right now?
Based on GuruFocus' analysis, Morinaga Milk Industry Co (TSE:2264) is currently considered Significantly Overvalued. The stock's GF Value™ is 円886.60, compared to a current price of 円1,233.50 — trading 39.1% above its estimated fair value. The current Beneish M-Score is -2.55. Morinaga Milk Industry Co's overall GF Score™ is 66/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Morinaga Milk Industry Co (TSE:2264), the current Beneish M-Score is -2.55 as of Jul. 14, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Morinaga Milk Industry Co (TSE:2264) Overvalued in 2026?
Based on GuruFocus' analysis, Morinaga Milk Industry Co stock appears to be overvalued.
The current stock price of 円1,233.50 is trading 39.1% above its estimated GF Value™ of 円886.60.
GuruFocus considers Morinaga Milk Industry Co to be Significantly Overvalued.
Key valuation signals for TSE:2264:
Beneish M-Score: -2.55
GF Value™: 円886.60 vs. price of 円1,233.50 (39.1% above fair value)
No single metric tells the full story. See the TSE:2264 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Morinaga Milk Industry Co Ltd is a Japanese company engaged in the production and distribution of dairy products. It produces a variety of milk and milk-based products such as dairy-based beverages, yogurt, desserts, condensed milk, powdered milk, butter, cheese, ice cream, clinical liquid diets. It also manufactures and sells animal feed, and constructs plant equipment. The company through its subsidiaries markets its products internationally.
66GF Score
Get the complete analysis for TSE:2264
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